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  "documentTitle": "Sunnova Energy International Inc. (NOVA)",
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  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-09-29 00:00:00",
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  "notes": "The chart shows a widening gap between positive Adjusted EBITDA and increasingly negative cash flow metrics.",
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      "text": "Spruce Point believes EBITDA does not accurately reflect Sunnova's financial performance and paints an overly optimistic picture of the business.",
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      "text": "Adjusted EBITDA Relative To Cash Flow",
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      "text": "Sunnova points investors to Adjusted EBITDA as a key metric to evaluate financial performance, while key public competitors Sunrun and Vivint Solar do not report EBITDA. Spruce Point believes EBITDA does not accurately reflect Sunnova's financial performance and paints an overly optimistic picture of the business. As Sunnova's operating and cash flow before financing continues to decline, Adjusted EBITDA remains flat.",
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